FX.co ★ USDCAD Potential for Bullish Rise | 16th August 2022

On the H4, with MACD indicators are above the zero, we have a bullish bias that the price may rise from the 1st resistance at 1.29323, which is in line with the 38.2% fibonacci retracement to the 2nd resistance at 1.29843, which is in line with the 50% fibonacci retracement and swing high. Alternatively, the price may drop to the 1st support at 1.28476, which is in line with the 38.2% fibonacci retracement and overlap support.

Trading Recommendation

Entry:1.29323

Reason for Entry:

38.2% fibonacci retracement

Take Profit: 1.29843

Reason for Take Profit:

50% fibonacci retracement and swing high

Stop Loss: 1.28476

Reason for Stop Loss:

38.2% fibonacci retracement and overlap support.